With its current cash flow, that could give CEO Tim Armstrong a nice pile of dough, which could be further supplemented as he gears up for negotiations over a new deal for AOL’s search business with both Google (GOOG)–its current partner–and Microsoft (MSFT).

While the big-money guarantees are likely a thing of the past, AOL’s business–unlike, say, MySpace’s–is considered valuable by both companies. The current Google deal is up in December.

In any case, while the failure of translating its Bebo acquisition into any kind of success is pretty clear, perhaps the complete disaster does have some silver lining.

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